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Eighth Grade (Grade 8) Economics Questions

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Grade 8 Economics
Grade 8 Economics
Grade 8 Economics
The resources of an economic system, called Factors of Production are grouped into four categories which are
  1. traditional, command, market, and mixed.
  2. land, capital, labor, and entrepreneurs.
  3. monopoly, oligopoly, private, and government.
  4. local, central, national, and global.
Grade 8 Economics
Factor Mobility can be defined as
  1. when an economy has a large quantity of high-quality factors of production at their disposal.
  2. the extent to which resources can be allocated from one line of production to another
  3. when individuals and firms, regions and nations concentrate upon producing some goods and services rather than others.
  4. using up capital goods during the process of production
Grade 8 Economics
What is a monopoly?
  1. A fun board game for the whole gamily
  2. A rich company
  3. Where a company has control over the production of a product
  4. The act of selling a lot of a product to a trading partner without recieving anything in return
Grade 8 Economics
Which is a type of resource?
  1. Land
  2. Labor
  3. Capital
  4. Enterprise
  5. All of the Above
Grade 8 Economics
Which of the following is a type of business?
  1. franchise
  2. partnership
  3. corporation
  4. proprietorship
  5. all of the above
  6. none of the above
Grade 8 Economics
We do not have enough resources to satisfy peoples' unlimited wants. This is also referred to as:
  1. Choice
  2. Opportunity Cost
  3. Production Possibility Frontier
  4. Scarcity
Grade 8 Economics
Which of the following best describes when a company sells stock for the first time to the public?
  1. primary stock option
  2. initial public offering
  3. corporation equity
  4. quantity demanded
  5. priceless panda whiskers
Grade 8 Economics
Which of the following goods would be considered complements?
  1. paint and paintbrush
  2. pen and pencil
  3. tea and coffee
  4. Coke and Pepsi
Grade 8 Economics
There are four factors of production, land, labour, capital and...
  1. Opportunity
  2. Enterprise
  3. Market Forces
  4. Capitalism
Grade 8 Economics
Grade 8 Economics
Grade 8 Economics
Entrepreneurs are motivated mainly by
  1. a need to be in charge.
  2. the desire for risk.
  3. the hope of making a profit.
  4. the need to repay their loans.
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